Attached patches move sage.rings.fraction_field.FractionField_generic to the new coercion model, and cythonize the sage.rings.fraction_field_element.FractionFieldElement class. They also allow homomorphisms of fraction fields to work, and make the random_element() method of fractions fields return sensible results.
I will follow these up with specialized classes for rational functions.
The patches depend on #4278.
Since one of the patches renames a file (from *.py to *.pyx) it contains a git style patch. Here are the lines you need in the .hgrc file:
[diff]
git = 1